The offer of 2p per share values Hambledon at £19.6 mln and will see African Resources take up to a 60% stake and not less than 50.1%.
African Resources is backed by the Assaubayev family. They founded Kazakhgold and subsequently bought back its mines in Kazakhstan after it was reversed into by Russian gold giant Polyus.
African Resources, which already owns 9.02% of Hambledon, said its intention is to utilise its local knowledge and access in the jurisdictions to support its growth. It is committed to Hambledon retaining a UK listing for the foreseeable future, it added.
Hambledon Mining has struggled after it received hefty fines and clean-up costs following a tailings dam breach at its flagship Sekisovskoye mine in Kazakhstan.
It has appealed against the fines and penalties imposed but the cash constraints have meant plans to expand the mine underground have been put on hold.
African Resoruces said its natural resources experience and access to significant financial resources make it a well-placed partner for Hambledon.
“African Resources believes that Hambledon's Sekisovskoye mines and the Akmola [if this deal is completed] assets present attractive growth and value opportunities,” it said.
Tim Daffern, Hambledon’s chief executive, and African Resources have also been discussing gold properties in Mauritania that might prove beneficial to Hambledon, today’s statement added.
Daffern will stay on with Hambledon if the offer goes through.
George Eccles, Hambledon’s chairman said: "The independent directors are pleased to have reached this agreement with African Resources on the partial offer, which represents a significant uplift for Hambledon shareholders who wish to realise part of their shareholding whilst at the same time maintaining an investment in Hambledon alongside African Resources.”
A spokesman for African Resources added: “The acquisition of up to 60% of the issued share capital of Hambledon is a great opportunity for African Resources. The shareholders of African Resources are long-term investors in natural resources, metals and mining and have a track record of effective investment and support of enterprises both in Central Asia as well as other emerging markets. “